PBF Energy (NYSE:PBF) reported Q1 EPS of $0.35, $0.09 better than the analyst estimate of $0.26. Revenue for the quarter came in at $9.14 billion versus the consensus estimate of $8.24 billion.
Strategic Update and Outlook:
We remain focused on enhancing the profitability and reliability of our core operations. Our full-year refining capital expenditures in 2022 are expected to be in the $500 to $550 million range. We continue to focus on capital discipline, with turnaround and other mandatory spend accounting for over 96% of the total planned refining capital expenses for the year. Consistent with our prior year approach, we will be responsive with regards to the pace of capital expenditures and scope of turnarounds depending on market conditions. Our annual maintenance, environmental, regulatory and safety capital expenditures are consistently in the $150 to $200 million range. For the first half of 2022, we expect to incur turnaround-related capital expenditures of approximately $225 to $250 million.
PBF continues to advance our project for a renewable fuels production facility co-located at the Chalmette refinery. This strategically valuable project represents an initial step in PBF's pursuit of producing sustainable fuels. The project incorporates certain idled assets, including an idle hydrocracker, along with a newly-constructed pre-treatment unit to establish a 20,000 barrel per day renewable diesel production facility. During the first quarter of 2022, we invested $40 million to continue to progress and incubate the project with the goal of being in production in the first half of 2023. Concurrent with our activities to progress the project, we are continuing discussions with potential strategic and financial partners.
For earnings history and earnings-related data on PBF Energy (PBF) click here.